Tube Investments of India Ltd plans to raise about ₹350 crore during this fiscal to meet the Company’s fund requirements. The Murugappa Group company posted a marginal drop in its net profit for the March 2024 quarter and about an 11 per cent increase in FY24 net profit.

The company’s Board on Monday approved the long-term borrowing of up to ₹350 crore and recommended a final dividend of ₹1.50 per equity share of ₹1 each (interim dividend of ₹2 per share announced earlier).

For the year quarter ended March 31, 2024, the company’s standalone net profit stood at ₹248 crore compared with ₹250 crore in the year-ago quarter. For the full year of FY24, the company’s net profit grew to ₹735 crore compared with ₹665 crore in FY23. Revenue stood at ₹7,611 crore compared with ₹7,236 crore in the previous fiscal.

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Revenue from the engineering business stood at ₹4,921 crore in FY24 when compared with ₹4,562 crore in FY23. Metal Formed Products’ revenue grew to ₹1,519 crore (₹1,424 crore in FY23). The mobility division posted a decline in revenue at ₹664 crore (₹800 crore in FY23).

While the engineering business posted an increase in profit before interest and tax at ₹617 crore for FY24 (₹549 crore), Metal Formed Products saw its profit before interest and tax increase to ₹187 crore (₹174 crore). However, the mobility business reported a loss before interest and tax of ₹18 crore against a profit before interest and tax of ₹17 crore

On a consolidated basis, Tube Investments’ profit after tax (from continuing operations) for the March 2024 quarter stood at ₹271 crore against ₹311 crore in the corresponding quarter of the previous year. The consolidated revenue for the quarter was ₹4,490 crore (₹3,778 crore).

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